
Ask anyone who’s looking for a home in Chicago: There aren’t enough properties out there.
Don’t believe us? Then consider this recent story by Crain’s Chicago Business. According to the feature, the number of houses for sale in Chicago in February was at its lowest point in 13 years.
Citing numbers from the Chicago Association of REALTORS(R), Crain’s reported that as of Feb. 29, only 2,806 houses were listed for sale in the city. That might sound like a lot of properties, but it’s actually 14 percent below the number of homes for sale at the same time last year.
And what’s especially interesting about that is that the number of houses for sale in Chicago was at a record low at that point, too.
Crain’s says that the most recent figure is also 19 percent below the number of houses for sale at the same time two years ago. And, yes, that figure at the time was a record low, too.
Those numbers are only for houses. But the inventory of condos and townhouses for sale in Chicago is low, too. Crain’s reported that the inventory of these properties is down about 3 percent from the same time last year.
This low inventory means that it’s more of a challenge for buyers to find their dream homes in Chicago today. With not as many homes on the market, the top properties tend to be snatched up at an even faster pace than usual. This means that buyers who do find condos or single-family homes that are a good fit need to act quickly to buy.
The best move for buyers today? Work with a REALTOR. A REALTOR can help you find the right house for you and your family at the right price, and can help you do this even when inventory levels are low.